| Private Equity funds (Private Equity fund, referred to as PE). from the emergence of development as a new financial tool, to now less than three years of development, but its performance in promoting the adjustment of industrial structure, enhance corporate value out of an important role. The real estate industry and is closely related to the national life, house prices have been the subject of attention, the development of real estate enterprises have an important impact on the national economy.2009, the state has dealt heavy blows to the real estate industry, making the industry financial pressure to expand, broaden the sources of financing to meet the urgent needs of the real estate industry. At this time, the PE has successfully attracted the attention of the real estate business. This article aims to analvze the characteristics of PE on the basis of the role of PE in the real estate industry development status, to explore the road of development of China’s real estate PE.The so-called Private Equity funds, equity or equity of unlisted companies for investment, a pooled investment vehicles. PE broadly defined the level of business scope, including not only equity, but also include other forms of non-listed companies, such as funds of funds (FOF). non-public agreements, investment agreements (Private Investment, in Public Equity, PIPE) bad bond investments, and infrastructure investment.Selected a "venture capital" corresponds to the angle of the only study of its equity investment from venture capital of the Target Company post-PE part.This article first start from the understanding of the PE. in the chapter One it’s about the history of the development of PE and PE-related research review, observed from the Chinese and foreign PE development in the history of PE from creation to the present course of development, every boom and bustreasons. Described in detail in Chapter Two of the concept of PE, type, operational processes, organizational forms, etc. to make in order to expand the analysis below. Chapter Three began to enter the PE in China’s real estate industry analysis, summary and statistical description of the status of PE in the real estate industry that the PE in the real estate industry in China of Chiang Kai-shek in the embryonic stage of development. Chapters Four, from the macro environment and industry, micro-environment two angles of a careful analysis of the reasons for the PE in its infancy, and PE in the future development of the real estate industry opportunities and threats. Chapter Five. PE operating mechanism for the development status of PE in the real estate, financing channels, the investment process and exit several aspects of its own proposals to promote PE in the real estate industry’s future development.Foreign PE investment in the real estate industry development in China for nearly a decade of history, there have been setbacks and there have been prosperity. The beginning of the small scale, in the exploratory phase of the real estate industry in China, can not scale, it does not have much impact on the real estate industry development. The beginning of2006. China’s economy continued to grow steadily, and the value of the yuan rise and real estate industry, the rapid development of high profits once again attracting the attention of foreign PE to stimulate the enthusiasm of them back to the real estate industry investment. Foreign real estate PE enter the Chinese market not only for our advanced international experience, but also promote the industry to adopt a more standard mode of operation. Foreign real estate PE stages of development in China can be divided into three phases:the1990s to2003. in its infancy, this period. China’s real estate market have not yet been developed, so foreign investors are mostly taken through the Hong Kong market way to participate in China’s real estate investment.2004to2006in June to enter the domestic market, the initial exploratory stage, this period China’s real estate to the introduction of foreign policy, given the relatively relaxed environment of the foreign PE. foreign PE is in this time accumulated a lot of roomexperience in real estate investment and high return on investment, making the rapid development of real estate PE to the2008subprime crisis, foreign PE in the prosperity of the real estate industry toward a recession. A large number of PE began to withdraw from the Chinese market, and going abroad. The decline of foreign PE to the development opportunities of the local PE. From the local real estate established in the initial exploratory phase of the foreign PE PE started to receive foreign PE to exit the market after. And real estate industry since2010. by the impact of policy extrusion, financing channels more narrow, while bank credit crunch, real estate investment trust is also limited, the real estate industry has a pressing demand for new financing channels. so the strength of the real estate business began to establish a real estate PE to meet their immediate needs. This is the mind and open a new era of local real estate PE.Overall, the development of PE in China real estate industry in its infancy, this was mainly due to the following factors:the legal status of China’s real estate PE has not been established as a PE major sources of funding, institutional investors, in our countrynot yet formed, and investment management professionals responsible for PE investment process in very short supply have hindered the development of real estate PE. From the point of view of PE, the real estate industry is the development of the soil of China’s real estate PE. then the last two years under the influence of the government to suppress real estate bubble, real estate industry into the recession stage, leading to PE development is limited in the real estate industry environmental factors. Therefore. I believe that PE is an excellent financial innovations, the real estate industry also has a sufficiently attractive to the formation of PE, an important branch of real estate PE. but received the combined effect of the policy and real estate environment, the development or relatively slow.Finally. I believe that the introduction of such a mechanism of joint investment real estate companies have set up the conditions of the real estate of PE. or invite an independent third party to participate in the fair assessment of investment projects will help protect the investment project selection. Main to social security funds, trust companies more autonomy is conducive to the formation of elite institutional investors, will help broaden the financing channels for China’s real estate PE. In addition, the author also recommended the establishment of real estate equity market, in order to widen the exit channels of the real estate PE. |
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